FeedStock, an AI-driven SaaS business that leverages the latest natural language processing technologies to enable financial services companies to meet both their compliance requirements and commercial goals, has secured a £2.5m investment in a funding round led by Praetura Ventures.
Praetura Ventures, the Manchester-based investor that backs early-stage businesses in high-value sectors, has invested £1.8m in FeedStock from its Praetura EIS 2019 Fund. Existing investor Illuminate Financial and a selection of angel investors as well as Force Over Mass are contributing a further £0.7m.
FeedStock is one of the first AI solutions to deliver value for clients on both the buy and sell-side of financial services institutions. The system streamlines compliance requirements, cost control measures and revenue generating activities by analysing communication streams within enterprises. The data generated gives businesses the edge to make smarter decisions and meet stringent regulatory requirements.
FeedStock co-founder Charlie Henderson said: “With our background in highly regulated businesses, we are seeing enormous appetite for our proprietary technology; not only from businesses required to comply with MiFID II, but also for enterprises that are looking to leverage AI as a core component of their business for efficiency gains and revenue generation.
“Financial services firms recognise that investing in their compliance and technology is key to winning and retaining the trust of customers and investors. These businesses also understand the importance of analysing data to power smarter decisions ahead of their competitors.
“It’s clear to us that the team at Praetura Ventures understand the opportunities and challenges in our sector, and also understand the potential of where we can take the business. Their entrepreneurial and proactive approach resonates with our values and they will help us to successfully deliver our growth strategy. We are looking forward to working with them closely.”
As part of the deal, Mark Lyons, director at Praetura Ventures, will join the FeedStock board as a non-executive director.